Velocity, a consulting firm, enters into a contract to help Burger Boy, a fast-food restaurant, design a marketing strategy to compete with Burger King. The contract spans eight months. Burger Boy promises to pay $60,000 at the end of each month. At the end of the contract, Velocity either will give Burger Boy a refund of $20,000 or will be entitled to an additional $20,000 bonus, depending on whether sales at Burger Boy at year-end have increased to a target level. At the inception of the contract, Velocity estimates an 80% chance that it will earn the $20,000 bonus and calculates the contract price based on the expected value of future payments to be received. At the start of the fifth month, circumstances change, and Velocity revises to 60% its estimate of the probability that it will earn the bonus. At the end of the contract, Velocity receives the additional consideration of $20,000. Required:
a. Prepare a journal entry to record the revenue Velocity would recognize each month for the first four months.
b. Prepare a journal entry that the Velocity Company would make after four months to record the change in estimate associated with the likelihood that additional $20,000 would be received.
c. Prepare a journal entry to record the revenue that Velocity Company would recognize each month for the second four months.
d. Prepare a journal entry after eight months to record resolution of the uncertainty associated with receipt of the additional consideration of $20,000.

Ido not understand this project overview agricultural commodities are bought and sold through the stock exchange. the price of commodities changes all the time. investors buy many agricultural commodities before they are ready for shipping. when an investor buys an agricultural commodity that is going to be ready in the future, they call this purchasing futures. this might be a future crop, meat that has not yet been processed, or another type of agricultural commodity. for this project, you will have to decide how to spend $10,000. research the new york stock exchange. find one or more agricultural commodities that you are interested in. remember, it may be listed as a future crop. instructions identify the agricultural commodities that you think have the best chance of going up in price. think about what is going on with supply and demand. decide how you will spend your money. you may purchase only agricultural commodities. check the market every day for a week. record the price of your commodity or commodities each day. you may buy or sell your commodities at any time during the week. you may sell your commodities and buy different ones. feel free to experiment with the $10,000 by buying and selling commodities, but make sure to keep a careful record of your activities. at the end of the week, you will write a report on your investments. this report should be structured to include this information: page 1: explain how the stock market works. page 2: list all commodities purchased. describe each in detail. discuss why you selected these commodities. remember, they must be agricultural. page 3: create a chart or graph to illustrate the price of your commodity or commodities over the week’s time. list all of your activity buying and selling. make sure you include prices and details. page 4: write a summary of your experience. describe what you might do differently if you were using actual money. propose potential reasons why the price of each commodity may go up or down.